Personal bankruptcies skyrocket 9% in October

Filed under: Forecasts, Bad news, Consumer experience, Money and Finance Today, Economic data, Personal finance, Housing, Financial Crisis

The National Bankruptcy Research Center reported that there were 135,914 bankruptcies in October, up 9%. One third of the bankruptcies were filed under Chapter 13. Chapter 13 requires that the court set up a five year repayment plan for debts owed.

In addition business bankruptcies were up 7% for the same period.The forecast is for 1.4 million bankruptcies in 2009, the highest since 2005. In that year Congress revamped the bankruptcy laws to make it more difficult to wipe out all of a person's debts. There was a rush of filings in the months just before the new law was enacted.

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Personal bankruptcies skyrocket 9% in October originally appeared on BloggingStocks on Wed, 04 Nov 2009 18:20:00 EST. Please see our terms for use of feeds.

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